Egypt’s banks raise credit card limits for intl. use
Several Egyptian banks have adjusted their credit card withdrawal and purchase limits for international transactions. This move comes as per the directives from the Central Bank of Egypt (CBE) to enhance the stability of the local exchange market and improve foreign exchange flows, Amwal Al Ghad Arabic reported.
Arab African International Bank
Arab African International Bank announced the increase of all credit cards limits for domestic as well as international transactions according to the type of each card.
The bank increased the daily and monthly limits for cash withdrawals outside Egypt for “Visa Gold” card clients to EGP 10,000 and EGP 50,000 for purchases, respectively. It also raised the daily and monthly international transaction limits of “MasterCard Titanium” cards to EGP 10,000 and EGP 100,000 for purchases, respectively.
The international transaction limits for daily and monthly cash withdrawals for “Visa Platinum” customers were increased to EGP 10,000 and EGP 120,000 for purchases.
Meanwhile, the daily and monthly limits for cash withdrawals outside Egypt for “Visa Signature” and “World Elite” customers were increased to EGP 25,000 and EGP 150,000 for purchases.
Commercial International Bank Egypt
The limits of international use of monthly withdrawals for customers of the “Wealth” sector rose to 8,000 pounds instead of 5,000 pounds, and purchase limit was raised to 175,000 pounds instead of 105,000 pounds, and transactions inside Egypt were raised to 50,000 pounds. The monthly limit for cash withdrawal outside Egypt for customers of the “Private” sector became about 105,000 pounds instead of 6,500 pounds and purchases limit was increased to 200,000 pounds instead of 175,000 pounds, and local transactions were increased to 50,000 pounds.
Meanwhile, the monthly limit for cash withdrawal for the “Business Banking” sector rose to 4,000 pounds instead of 2,500 pounds, and limits for purchases were increased to 125,000 pounds instead of 85,000 pounds and transactions inside Egypt were raised to 50,000 pounds, while the monthly limit for the “Corporate” sector was raised to 4,000 pounds instead of 2,500 pounds for cash withdrawal, limit of purchase transactions was increased to 175,000 pounds instead of 130,000 pounds, and local transactions were increased to 50,000 pounds.
The National Bank of Egypt
The National Bank of Egypt raised the cash withdrawal limit of both “Visa Classic”, “MasterCard Standard”, and “MasterCard Egypt Air” to the equivalent of 2,500 pounds instead of 1,500 pounds and the equivalent of 25,000 pounds for purchases instead of 7,000 pounds
The international spending limit for “Visa Gold”, and “MasterCard Titanium” were increased to EGP 3,500 for cash withdrawals instead of EGP 2,000 and EGP 37,500 instead of EGP 15,000 for purchases.
The limit on “Visa Platinum”, “MasterCard Platinum”, and MasterCard UEFA Champions League” was raised to EGP 100,000 on international purchases and about EGP 7,500 on international cash withdrawals.
The National Bank of Egypt (NBE) also raised limits of international transactions of “MasterCard World”, “Visa Signature”, “MasterCard World Elite” and “Visa Infinity” credit cards to EGP 160,000 instead of EGP 85,000 for purchases, and EGP 7,500 for cash withdrawals instead of EGP 4,500.
On Wednesday, the Central Bank of Egypt directed local banks to increase the limits of credit card transactions in foreign currency, in a new step towards enhancing the stability of the local exchange market.
